From October through December of 2017, there were 72 homes sold, with a median sale price of $189,000 - a 11.2% increase over the $170,000 median sale price for the same period of the previous year. There were 77 homes sold in Melrose Park in the fourth quarter of 2016.
The median sales tax in Melrose Park for 2017 was $4,858.04. In 2016, the median sales tax was $4,578.40. This marks an increase of 6.1%. The effective property tax rate, using the median property tax and median home sale price as the basis, is 2.6%.
The following table compares Melrose Park to other Cook County cities with similar median sales prices in the fourth quarter of 2017:
| City | Oct. - Dec. 2017 Home Sales | Oct. - Dec. 2016 Home Sales | % change (Total Home Sales) | Oct. - Dec. 2017 Median Sales Price | Oct. - Dec. 2016 Median Sales Price | % change (Median Sales Price) |
|---|---|---|---|---|---|---|
| Berwyn | 182 | 169 | 7.7% | $200,000 | $205,000 | -2.4% |
| Franklin Park | 82 | 62 | 32.3% | $198,750 | $183,500 | 8.3% |
| Hickory Hills | 45 | 41 | 9.8% | $195,000 | $187,000 | 4.3% |
| Rolling Meadows | 79 | 92 | -14.1% | $191,000 | $200,000 | -4.5% |
| Wheeling | 118 | 97 | 21.6% | $189,250 | $170,000 | 11.3% |
| Melrose Park | 72 | 77 | -6.5% | $189,000 | $170,000 | 11.2% |
| Bridgeview | 32 | 41 | -22% | $187,500 | $166,000 | 13% |
| Olympia Fields | 19 | 28 | -32.1% | $186,500 | $164,250 | 13.5% |
| Buffalo Grove | 69 | 68 | 1.5% | $185,500 | $177,500 | 4.5% |
| Orland Hills | 24 | 23 | 4.3% | $184,500 | $170,000 | 8.5% |
| Schaumburg | 319 | 286 | 11.5% | $184,000 | $172,000 | 7% |
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